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if he decides to keep it he'll have to pay about $25,000 in taxes. but don't worry. he can certainly afford it. he's a free agent and expected to find a contract worth about $20 million. what a problem to have. anne-marie? >> ashley morrison here in new york. thank you, ashley. >>> well coming up on the "morning news," boy scout ranks. some struggle over the change in policy. this is the "cbs morning news." >> announcer: "moneywatch" sponsored by vagisil. count on it. it. [ male announcer ] here's a fun fact: this single scoop of gain gives more freshness than a whole box of this other stuff... and that much freshness is gonna take some getting used to... [ sniffing ] ahh. mmm! [ male announcer ] yep, it's amazing what a single scoop of gain freshness can do. get more freshness from gain or get your money back guaranteed. i gave birth to my daughter on may 18th, five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin regimen. [ male announcer ] be sure to talk to your doctor before you begin an as
if he decides to keep it he'll have to pay about $25,000 in taxes. but don't worry. he can certainly afford it. he's a free agent and expected to find a contract worth about $20 million. what a problem to have. anne-marie? >> ashley morrison here in new york. thank you, ashley. >>> well coming up on the "morning news," boy scout ranks. some struggle over the change in policy. this is the "cbs morning news." >> announcer: "moneywatch" sponsored...
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we know and we understand... tax laws, tax theories. this is my dream job. this is my favorite thing in the world to do. i've done 25,000 tax returns. you might say i've had some experience. i will back you up. bring it on. [ john ] we really love tailgating. my time to shine is the smoked pulled pork. but we also really like a great pulled pork sandwich even when we can't make the game. some people even like it better. really? yep. [ male announcer ] new oscar mayer carving board pulled pork, get that delicious slow smoked taste without the hassle. parentheses have a place but not on your face. juvÉderm® xc is the gel filler your doctor uses to instantly smooth out lines right here. temporary side effects include redness, pain, firmness, swelling bumps, or risk of infection. ask your doctor about juvÉderm® xc. smoke? nah, i'm good. ♪ ♪ [ male announcer ] every time you say no to a cigarette, you celebrate a little win. nicoderm cq, the patch with time release smart control technology. quit one day at a time with nicoderm cq. [ female announcer ] cof
we know and we understand... tax laws, tax theories. this is my dream job. this is my favorite thing in the world to do. i've done 25,000 tax returns. you might say i've had some experience. i will back you up. bring it on. [ john ] we really love tailgating. my time to shine is the smoked pulled pork. but we also really like a great pulled pork sandwich even when we can't make the game. some people even like it better. really? yep. [ male announcer ] new oscar mayer carving board pulled pork,...
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but house speaker john boehner says tax hikes are out of the question. >> every month under president obama, kind of feels the same. high unemployment, rising prices, and more debt for our children and grandchildren. >> reporter: speaker boehner says he does not want another temporary fix. some house republicans have indicated they will let the automatic cuts take effect if there is no long-term agreement to reduce the deficit. those cuts would take a bite out of military spending and domestic programs, including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> they are coming to california because this is where it is. he is not going to lubbock or wherever the places are that make up that state. >> those other places. [ laughter ] >> governor brown takes aim at texas. why he is going toe to toe with the lone star state. >> it's cleanout time. the 49ers report one more time to empty their lockers. coach harbaugh's final thoughts on the season. >> good evening to you, meteorologist paul deanno. we could use some rain around here. we really need snow in the moun
but house speaker john boehner says tax hikes are out of the question. >> every month under president obama, kind of feels the same. high unemployment, rising prices, and more debt for our children and grandchildren. >> reporter: speaker boehner says he does not want another temporary fix. some house republicans have indicated they will let the automatic cuts take effect if there is no long-term agreement to reduce the deficit. those cuts would take a bite out of military spending...
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go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until congress finds a way to replace these cuts with a smarter solution. >> pelley: in an interview on sunday, we asked the president about all of this. we found out last week that the economy actually shrank in the last three months of last year. if the federal spending cuts that are on tap for march actually take effect, will that push the country into recession? >> i don't know if it will push the country into recession, but here's what we know. the reason that the economy shrank a little bit, despite the fact that housing is recovering, manufacturing is going strong, car sales are up-- you know, the truth is, is that, overall there were a lot of positive signs in the economy. the big problem was defense spending was cut 22%. that was the biggest drop in 40 years. it was very abrupt. washington cannot continually operate under a cloud of crisis. that freezes up consumers. it gets busi
go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until congress finds a way to replace these cuts with a smarter solution. >> pelley: in an interview on sunday, we asked the president about all of this. we found out last week that the economy actually shrank in the last three months of last year. if the federal spending cuts that are on...
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. >> reporter: it also comes with a very big tax bill. the sports car is worth about $60,000. but if you keep it you will have to pay about $25,000 in taxes but don't worry, he can afford it. he is a free agent and is expected to sign a contract worth around $20 million a year. i wish i had those kind of problems. you know what i mean? >> no kidding. 25,000 is nothing to him. >> it's like a tip to a waitress for crying out loud. he'll be fine. >> reporter: exactly. >> all right. ashley morrison of cbsmoneywatch.com, thank you. >>> how about some weather now at 5:45. lawrence, what do we have cook? >> i want that car. that car looks cool. >> you got 25 grand? >> i don't have 25 grand. that's the only problem. big changes in the weather coming our way. we have a storm that's bearing down on us in the pacific right now. today i think we'll squeeze in a decent day. outside partly cloudy skies in the valleys, temperatures colder 30s and 40s early on clear as you approach the coastline. by the afternoon, we'll see some sunshine and the temperatures may be slightly warmer than yester
. >> reporter: it also comes with a very big tax bill. the sports car is worth about $60,000. but if you keep it you will have to pay about $25,000 in taxes but don't worry, he can afford it. he is a free agent and is expected to sign a contract worth around $20 million a year. i wish i had those kind of problems. you know what i mean? >> no kidding. 25,000 is nothing to him. >> it's like a tip to a waitress for crying out loud. he'll be fine. >> reporter: exactly....
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but house speaker john boehner says tax hikes are out of the question. >> every month under president obama, kind of feels the same. high unemployment, rising prices, and more debt for our children and grandchildren. >> reporter: speaker boehner says he does not want another temporary fix. some house republicans have indicated they will let the automatic cuts take effect if there is no long-term agreement to reduce the deficit. those cuts would take a bite out of military spending and domestic programs, including a 2% hit to medicare. danielle nottingham, cbs news, the white house. >>> president obama is planning a major overseas trip. for the first time since becoming president, mr. obama will travel to israel. it will happen in the spring. the president will meet with israeli prime minister benjamin netanyahu. reportedly as early as march. the two leaders have had a rocky relationship. the white house says the trip will be an opportunity to reaffirm ties between the u.s. and israel. president obama will also visit the west bank and jordan. >>> the military is poised to extend some b
but house speaker john boehner says tax hikes are out of the question. >> every month under president obama, kind of feels the same. high unemployment, rising prices, and more debt for our children and grandchildren. >> reporter: speaker boehner says he does not want another temporary fix. some house republicans have indicated they will let the automatic cuts take effect if there is no long-term agreement to reduce the deficit. those cuts would take a bite out of military spending...
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tax. aaron czajkowski has been one that's been so many years in baltimore. she treats patients suffering from crippling neck and back pain. over time, she discovered that she suffered from the very condition that she treats. she went in for surgery and god were she got her hip replaced. thankfully she's on the mend. obamacare makes it hard for those research innovation in the united states and patients like this woman to get the care that they need. obamacare unnecessarily raises the cost of health care. even those who have pre-existing conditions could get the coverage they need without a trillion dollar government program costing all of us more. that is only the tip of the iceberg when we talk about health care reform. many families like mine are dealing with the challenges presented by aging and very sick parents. they rely on medicare for relief. the government and medicare have not kept pace. medicaid is not doing any better. collectively, states are spending more on medicaid than the
tax. aaron czajkowski has been one that's been so many years in baltimore. she treats patients suffering from crippling neck and back pain. over time, she discovered that she suffered from the very condition that she treats. she went in for surgery and god were she got her hip replaced. thankfully she's on the mend. obamacare makes it hard for those research innovation in the united states and patients like this woman to get the care that they need. obamacare unnecessarily raises the cost of...
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two model income tax -- model tax and income tax and consumption tax. the author of that study was the deputy assistant secretary was basically pushing the consumption tax idea, and this book blueprints for basic tax reform was a very influential book, and a proposal. by the way to make casey think all the economists favor that to make a big influence on that was a harvard professor wedding -- also an advocate of the consumption tax. this resurfaced later in a proposal by senators nunn and beachy in the 1990's the usa tax , a second idea that was very popular with the so-called flat tax that was a book by professors hall at stanford originally published in 1982, a was not an original idea with them. it came from milton friedman book capitalism and freedom where he has a chapter of the ideal income-tax. the ideal income tax he describes is actually the flat tax which is actually consumption tax. the city was picked up by house majority leader dick armey and by presidential candidate steve forbes in the 1990's, again, like all these other plans to make di
two model income tax -- model tax and income tax and consumption tax. the author of that study was the deputy assistant secretary was basically pushing the consumption tax idea, and this book blueprints for basic tax reform was a very influential book, and a proposal. by the way to make casey think all the economists favor that to make a big influence on that was a harvard professor wedding -- also an advocate of the consumption tax. this resurfaced later in a proposal by senators nunn and...
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so the tax cut the income tax cut. the consumption tax area, if you think about what we do in terms of facing a benefits of the texas cement phasing out and making his eligible for all of our peas number of transfer systems we allowing income commander at going to allow consumption among a million dollars in income but you only consumed 10,000, so we're trying to give you an earned income tax credit. so we still rely upon the income system have all but the notion begin abandon income accounting and simplify and purify the tax system in this transfer systems over here that no longer have the income accounting is not going to work. the accountable care act. it was helpful for welfare reform and tax reform all at once because their is a huge knew tax system on income imposed upon people getting a subsidy. another dollar of income and after lose another $0.9 of health benefit. the notion you can convert to a consumption tax and now worry about these other accounting issues is somewhat of a myth. >> straight out of joe's bu
so the tax cut the income tax cut. the consumption tax area, if you think about what we do in terms of facing a benefits of the texas cement phasing out and making his eligible for all of our peas number of transfer systems we allowing income commander at going to allow consumption among a million dollars in income but you only consumed 10,000, so we're trying to give you an earned income tax credit. so we still rely upon the income system have all but the notion begin abandon income accounting...
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a new federal tax policy with the push to make marijuana legal and tax it. obama proposes to delay automatic spending cuts after he blows another budget deadline. and proved that leaders just want more power. not more power to the people. we are on the case. >> that and more coming up, but first the top story story, efforts building in washington to change change, rewrite, remake current marijuana laws including legalizing industrial production and have the federal pot tax. lawmakers quietly working on the bills one was introduced today one from oregon one from colorado calling for the end of federal pot prohibition. when next guest founder and executive director of the drug policy alliance, ethan? >> it is like the repeal of alcohol prohibition. the public says it does not work and is not effective and it cost tens of billions of tax dollars come lead diverts resources and funding organized crime in mexico it is better to have a regulatory policy with state governments controlled with federal government has a modicum of control. gerri: day you agree? >> a c
a new federal tax policy with the push to make marijuana legal and tax it. obama proposes to delay automatic spending cuts after he blows another budget deadline. and proved that leaders just want more power. not more power to the people. we are on the case. >> that and more coming up, but first the top story story, efforts building in washington to change change, rewrite, remake current marijuana laws including legalizing industrial production and have the federal pot tax. lawmakers...
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tax. with us today is erin shucosky. she has been a clinical nurse for 30 years in baltimore. she spent the last ten years coordinating the research on a study to approve a new replacement discs to treat patients suffering from crippling neck and back pain. over time, erin discovered that she suffers from the very condition that her work aimed to treat. on her days off, aaron would -- erin would spend time at her daughter's game, barely able to move, and then would have to good home and spend most of her time there with an ice pack on her neck. she went in for surgery and got the new disc replacements. erin is with is in a cervical color today -- cervical collar today but shes on the mend. the new medical device tax in obama care makes it harders for researchers to develop those devices in the united states and makes its hard for patients like erin to get the care they need. obamacare is unnecessarily raised the cost of health care. even those with preexisting conditions could get the cove
tax. with us today is erin shucosky. she has been a clinical nurse for 30 years in baltimore. she spent the last ten years coordinating the research on a study to approve a new replacement discs to treat patients suffering from crippling neck and back pain. over time, erin discovered that she suffers from the very condition that her work aimed to treat. on her days off, aaron would -- erin would spend time at her daughter's game, barely able to move, and then would have to good home and spend...
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check out taxes. stuart: here is governor jerry brown's response to that ad and i'm quoting directly. it is not a serious story. he continues it is not a burke. obviously rejecting low rick perry at the but you just told us -- >> you don't finish the sentence. stuart: i'm not going to. it wasn't quite an obscenity. >> that is our governor. stuart: you just give us the number, 17 corporations in a month that are leaving california so people are responding to governor perry's message. >> the reality is there responding to that message for a long time without the at by governor harry leaving the state of california. people in california to run for office lose and move to california. people in california who run propositions in california try to do something and it loses and they move not to california but texas. this is what is going on. our state legislature goes to texas to find out what we need to do to bring jobs back. they learn what to do and come back and do nothing. we have a two thirds democrat
check out taxes. stuart: here is governor jerry brown's response to that ad and i'm quoting directly. it is not a serious story. he continues it is not a burke. obviously rejecting low rick perry at the but you just told us -- >> you don't finish the sentence. stuart: i'm not going to. it wasn't quite an obscenity. >> that is our governor. stuart: you just give us the number, 17 corporations in a month that are leaving california so people are responding to governor perry's message....
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what is the difference between a bedroom tax and disabled and the mansion tax? >> i don't accept that the bedroom tax is a tax but it is an issue about benefit on the fact is as a country we're spending 23 billion pounds on housing benefit. now, we have to have a debate in this country, and the last government said would have to have a debate in this country about getting on top of housing benefit. indeed, it's featured in the labour manifesto. the manifesto on which they were all elected. since they've moved to the opposition benches they have given up all sense of that responsibility at all. >> can the prime minister reconcile his recent comments on the need to accelerate major infrastructure projects for the government's decision to postpone a policy on airports until after the next election? will be reconsidered and bring that review forward? >> i will listen very careful to what my girlfriend said. i think you'll find if you looks at what and how davis said in terms of his review, he said this is a very propagated issue that merits proper examination that w
what is the difference between a bedroom tax and disabled and the mansion tax? >> i don't accept that the bedroom tax is a tax but it is an issue about benefit on the fact is as a country we're spending 23 billion pounds on housing benefit. now, we have to have a debate in this country, and the last government said would have to have a debate in this country about getting on top of housing benefit. indeed, it's featured in the labour manifesto. the manifesto on which they were all...
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tax hikes. i have three words for the gop on this one. please just say no. leave the cash in private hands so the economy can grow. don't let the government drain it for redistribution. here now howard dean and kate bailey hutchinson. is president obama worming out of this snink he's saying i want a third of the spending cuts and then i want to make it all up with tax revenues. did i hear that right or is there something else going on here? >> you heard it right. he said more tax increases and, you know, you come up with those budget cuts and i'll look at it. really, larry, it is just not moving at all. this is a time when the president should be sitting down every single day with the leaders of congress and saying where can we come together. but the republicans have got to take a stand and say no at shom point and every time they try to, it's the sky's falling, media and everyone saying we have to do something on sequester or the sky will fall. we have to do something on the debt ceiling or the
tax hikes. i have three words for the gop on this one. please just say no. leave the cash in private hands so the economy can grow. don't let the government drain it for redistribution. here now howard dean and kate bailey hutchinson. is president obama worming out of this snink he's saying i want a third of the spending cuts and then i want to make it all up with tax revenues. did i hear that right or is there something else going on here? >> you heard it right. he said more tax...
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state and local taxes, charity. okay. the president doesn't want to name those. republicans don't want to name those. but that's what we're talking about, a tax increase on a whole lot of people. >> well, if you really wound up closing those deductions, we would have a massive impact on a lot of lives and i don't think it's going to happen. i think that what you're going to wind up seeing is there are a lot of tax deductions that don't bring in quite as much money but which really distort economic behavior. good one people point to is the carried interest which allows hedge fund people to not pay the same taxes everybody else does. that's not going to bring as much money in but there may just be to be ultimately higher rates if we're serious about dealing with long term fiscal health. >> we do need to deal with long term fiscal health and we do need real tax reform but we ought to be guided by president obama's own simpson-bowles commission which said that we need to combine this kind of tax reform, closing loophole
state and local taxes, charity. okay. the president doesn't want to name those. republicans don't want to name those. but that's what we're talking about, a tax increase on a whole lot of people. >> well, if you really wound up closing those deductions, we would have a massive impact on a lot of lives and i don't think it's going to happen. i think that what you're going to wind up seeing is there are a lot of tax deductions that don't bring in quite as much money but which really distort...
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you have a nuisance tax like bottle taxed on bad -- back taxes. this does not make for an appealing and attractive -- the city is very attractive. gerri: i would not want to come to baltimore. how likely is it that baltimore will have to file bankruptcy? >> i don't think it will file bankruptcy. they're not as bad as some places, but i were close to the maryland. i and our representative of the people in the general assembly. they're tired to have global we don't have any money to bell her out. friends after reform and take care of those pensions and health care committee rid of a grand prix idea and have to start spending with an air means. that means cuts in certain areas commands is going to have to try to do something about crime and drugs and gangs and make people want to come to this city. gerri: that is a long laundry list. thank you for coming on. appreciate your time. tell us more. >> thank you. gerri: states and cities across the country struggled to get out of the red. there could be new taxes on the rise in to pay for failing infrastru
you have a nuisance tax like bottle taxed on bad -- back taxes. this does not make for an appealing and attractive -- the city is very attractive. gerri: i would not want to come to baltimore. how likely is it that baltimore will have to file bankruptcy? >> i don't think it will file bankruptcy. they're not as bad as some places, but i were close to the maryland. i and our representative of the people in the general assembly. they're tired to have global we don't have any money to bell...
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tempting business away from the highest taxed state in the country to his very low tax state. dominick says his own clients are very worried and worried sick looking for solutions and it looks like the lone star state might have some. religion may have clients who say we are frightened here in new york? >> we deal with a very unique client base. they have a fixed budget, certain amount of income in an annual basis. it is pa how to handle those dollars. the question is, is that the wisest use of my money? nine times out of 10, where do you move to? texas, nevada, florida. liz: governor jerry brown is saying i don't like what governor perry is doing, using some tricks here. he has it all wrong. california, we have great weather, venture capital, an educated workforce. don't go to texas, come to california. >> they also have a state income tax, highest in the country, they have a corporate income tax, the highest gas taxes in the country, our clients are going desert looking to move. california is a great place and if you can afford to be there, it is a wonderful place to live bu
tempting business away from the highest taxed state in the country to his very low tax state. dominick says his own clients are very worried and worried sick looking for solutions and it looks like the lone star state might have some. religion may have clients who say we are frightened here in new york? >> we deal with a very unique client base. they have a fixed budget, certain amount of income in an annual basis. it is pa how to handle those dollars. the question is, is that the wisest...
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potentially valuable ones include the option to deduct state sales taxes instead of income taxes. so, make sure you have the receipts to get those breaks. you also have another way to lock in tax-free retirement income. under the new law you can convert a traditional 401(k) to a roth 401(k) at any time, assuming your company offers both options. you'll have to pay income taxes on the conversion but your withdrawals in retirement will be 100% tax-free, that's a good move if you're worried about taxes rising. the few taxes increases that did make the cut are on the highest earning households. that's for singles earning $400,000 a year and couples earning $450,000 or more. if you're fortunate enough to be in that group, your best move is to lower your taxable income by maxing out tax deferred options like your 401(k) and iras. of course, those are good moves to make in any year. i'm donna rosato. >> tom: that's "nightly business report" for wednesday, february 6. have a great evening everyone, and you too susie. >> susie: goodnight tom, thanks for watching everyone. we'll see you onl
potentially valuable ones include the option to deduct state sales taxes instead of income taxes. so, make sure you have the receipts to get those breaks. you also have another way to lock in tax-free retirement income. under the new law you can convert a traditional 401(k) to a roth 401(k) at any time, assuming your company offers both options. you'll have to pay income taxes on the conversion but your withdrawals in retirement will be 100% tax-free, that's a good move if you're worried about...
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increase after-tax increase after-tax increase. the solution is by raising taxes on somebody and you and i both know, your viewers know we increase taxes on the american people in the way it has been done, get decrease economic activity. the economy cannot be vibrant, cannot create jobs and dreams are destroyed when you increase taxes. liz: what you also point out is taxes corrode the sense of self-reliance. the new cbo report that says we will be $845 billion in debt talks about the window. this is what i'm getting at, the st. louis federal reserve said it is so unreliable back in 2000 said we would be in surplus, we would wipe out $3.5 trillion deficit. they were utterly wrong at that in the st. louis fed says what is more reliable is the model used on wall street to fix stocks. i am upset about this, it is underpinned regulatory policy, so why rely on the same report year after year that is so off the mark? >> you are spot on. we have tried to make certainly put in place positive reforms for the congressional budget office so we
increase after-tax increase after-tax increase. the solution is by raising taxes on somebody and you and i both know, your viewers know we increase taxes on the american people in the way it has been done, get decrease economic activity. the economy cannot be vibrant, cannot create jobs and dreams are destroyed when you increase taxes. liz: what you also point out is taxes corrode the sense of self-reliance. the new cbo report that says we will be $845 billion in debt talks about the window....
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i'm bob, we talked at the tax store. i did your taxes. i thought you were a tax expert? today, i'm a master plumber. major tax stores advertise for preparers with "no tax experience necessary." at turbotax, you only get answers from cpas, eas or tax attorneys - all real tax experts. ...than h&r block stores and all other major tax stores combined. common sense... sayss.. don't insult the judge... whennyou'reetrying to get outtof jail jail"iq::count one will be 0 thousand... q::bleep, fliip off judge." pudge." p penelope soto ppeared in miami-dade bonn courr for illegal possession of xanax. when the judge raises hhr bond from five to ten curses at himm.. and flipp him the finger....and that's when thingg get really ugll. "iq: did you say bleep to couuty jail."thirty days in the ouutroom antics earned her the another thirty days in the county jail for contemmt of 3& common sensee.. not... the magic kinndom...// but... it's origi/ original...// the navy seals killed osama bin abbot-a-bad..../ is... the same place... pakiitan ... plans to build... ... 30- million-dollar amuu
i'm bob, we talked at the tax store. i did your taxes. i thought you were a tax expert? today, i'm a master plumber. major tax stores advertise for preparers with "no tax experience necessary." at turbotax, you only get answers from cpas, eas or tax attorneys - all real tax experts. ...than h&r block stores and all other major tax stores combined. common sense... sayss.. don't insult the judge... whennyou'reetrying to get outtof jail jail"iq::count one will be 0 thousand......
SFGTV: San Francisco Government Television
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the additional taxs is one of the many results of defense of act act or doma. married lgbt committees are already denied many rights and this additional tax adds another sting to the injustice of doma. this brings great hope the u.s. supreme court will hear the california proposition perry case and various doma cases later this year. however, as a legislative body here in san francisco, i don't believe we can or should standstill and wait to see what the u.s. supreme court does while this discrimination continues. i look forward to working with everyone to get this passed. i am proud that this legislation is supporting and cosponsored by supervisors wiener, campos and chu, as well as the lgbt democrat democratic club and lgbt. we have prided ourselves of being ahead of curve and the props of a better tomorrow. as a city we should not stand idle as contributing members of society -- with hope and uncertainty certainty that the u.s. supreme court will find doma cases unreasonable. colleagues i hope i can for your support. we have a number of speakers to speak. >>
the additional taxs is one of the many results of defense of act act or doma. married lgbt committees are already denied many rights and this additional tax adds another sting to the injustice of doma. this brings great hope the u.s. supreme court will hear the california proposition perry case and various doma cases later this year. however, as a legislative body here in san francisco, i don't believe we can or should standstill and wait to see what the u.s. supreme court does while this...
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state and local taxes, charity. okay. the president doesn't want to name those. republicans don't want to name those. but that's what we're talking about, a tax increase on a whole lot of people. >> well, if you really wound up closing those deductions, we would have a massive impact on a lot of lives and i don't think it's going to happen. be to be ultimately higher rates if we're serious about dealing with long term fiscal health. >> we do need to deal with long term fiscal health and we do need real tax reform but we ought to be guided by president obama's own simpson/bowles commission which said that we need to combine this kind of tax reform, closing loopholes, with lowering rates, particularly lowering rates on corporate taxation so we're more competitive with the rest of the world. if we are going to expend, use up these loopholes to pay for new spending or to avoid the kind of budget cutting that we need to do or the kind of entitlement reform, i mean, some of the entitlement reform that has been proposed, a
state and local taxes, charity. okay. the president doesn't want to name those. republicans don't want to name those. but that's what we're talking about, a tax increase on a whole lot of people. >> well, if you really wound up closing those deductions, we would have a massive impact on a lot of lives and i don't think it's going to happen. be to be ultimately higher rates if we're serious about dealing with long term fiscal health. >> we do need to deal with long term fiscal health...
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tax. amend or kill the house version of the bill. >>> in virginia is following maryland and dc's lead by banning texting while driving. senate and house law makers have approved bills that would make it a primary offense. you can be ticketed for texting and driving without having to be pulled over for something else. first offense would cost $250. a second offense, $500. >> ten minutes after 8:00 now on this wednesday morning. still ahead, saving you money before you file taxes. a financial manager joins us live to make sure you are getting every last dollar you deserve from deductions to fast refund offers. >> plus, new evidence. what police in alabama uncovered in the bunker designed by a kidnapper. 8:10. we'll be right back . >>> remember that touching budwieser commercial? >> i can't look at it. >> melted so many hearts at the superbowl. the star of that has a name. anheuser busch held a contact to find name. after sifting through 60,000 tweets, the name
tax. amend or kill the house version of the bill. >>> in virginia is following maryland and dc's lead by banning texting while driving. senate and house law makers have approved bills that would make it a primary offense. you can be ticketed for texting and driving without having to be pulled over for something else. first offense would cost $250. a second offense, $500. >> ten minutes after 8:00 now on this wednesday morning. still ahead, saving you money before you file taxes....
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from the expiration of the payroll tax cut and higher tax rates on higher incomes. your meaning 0.25% is from a collection of other factors in the budget. that is the breakdown. that is as precise as we think we could reasonably be. as for the extra half question -- increase in the agriculture spending, i'm afraid i cannot speak to that directly. i do not know if my colleagues know that off hand. if not we have to get back to you separately. >> two questions. the first, really inside baseball -- in your june report you had debt to gdp at 200% by 2037. my colleague wants to know, based on this current report, it sounds like you have pushed that back to 2040. >> i do not think you can draw that conclusion. your colleague is referring to our long-term budget outlook from last year, which looks at 25 years and some of the on that. we have not updated those long- term projections yet. we will do that later this year. so we do not know how the change in the projections for the first decade will affect the path of debt beyond that. >> how do you factor in things like the f
from the expiration of the payroll tax cut and higher tax rates on higher incomes. your meaning 0.25% is from a collection of other factors in the budget. that is the breakdown. that is as precise as we think we could reasonably be. as for the extra half question -- increase in the agriculture spending, i'm afraid i cannot speak to that directly. i do not know if my colleagues know that off hand. if not we have to get back to you separately. >> two questions. the first, really inside...
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it passed a $000 million a year increase in taxes. -- $6 billion a year increase in taxes. if you are wanting to expand your company and happen to be one of the rich you want to set up in a state where the vast majority of people just voted to raise taxes 30%. the personal income tax rate 30% from 10 to 13 about percent on atonally sliver of people is simply because they make more money than any one else. it is not a place to do business. h hollywood doesn't even shoot in california in any more. hollywood isn't hollywood. i have heard executives say because it is too expensive to do business in california. >> greta: a lot of people like to live in california because of the beautiful weather and beautiful coastline but you governor perry is trying to poach business from california. sort of an amusing sense is that governor brown took the bait. the short ad that governor perry put on the radio you will hear about it now because governor brown took the bait. >> a state with a population of 38 million people. created only 257,000 jobs last year in the private sector in californ
it passed a $000 million a year increase in taxes. -- $6 billion a year increase in taxes. if you are wanting to expand your company and happen to be one of the rich you want to set up in a state where the vast majority of people just voted to raise taxes 30%. the personal income tax rate 30% from 10 to 13 about percent on atonally sliver of people is simply because they make more money than any one else. it is not a place to do business. h hollywood doesn't even shoot in california in any...
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i'm bob, we talked at the tax store. i did your taxes. i thought you were a tax expert? today, i'm a master plumber. major tax stores advertise for preparers with "no tax experience necessary." at turbotax, you only get answers from cpas, eas or tax attorneys - all real tax experts. ...than h&r block stores and
i'm bob, we talked at the tax store. i did your taxes. i thought you were a tax expert? today, i'm a master plumber. major tax stores advertise for preparers with "no tax experience necessary." at turbotax, you only get answers from cpas, eas or tax attorneys - all real tax experts. ...than h&r block stores and
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this is tax season now, but imagine this. you try to file your taxes only to find someone has beaten you to it. this is the nightmarish reality for millions of americans and many of them are your neighbors. >> that's right, derek. i have learned that this is a crime where you can be victimized over and over again. according to the treasury inspector general for tax administration, nearly 1.2 million of these cases were reported to the irs in 2012. and tonight, the two people you're about to hear from say they now live in constant fear. >> my accountant gave me a call on the telephone and told me we couldn't file electronically. >> reporter: the irs granted jonathan again an extension to file his 2011 taxes. he needed the time to grieve the loss of his daughter, alexis. she was full of life, even as a brain tumor took a toll on her little body. >> she was an amazing little girl. never complained once. >> reporter: alexis died just a few weeks shy of her fifth birthday. when jonathan mustered the energy to finally file the fami
this is tax season now, but imagine this. you try to file your taxes only to find someone has beaten you to it. this is the nightmarish reality for millions of americans and many of them are your neighbors. >> that's right, derek. i have learned that this is a crime where you can be victimized over and over again. according to the treasury inspector general for tax administration, nearly 1.2 million of these cases were reported to the irs in 2012. and tonight, the two people you're about...
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we take no tax money. we don't want tax money. we have to be affordable in terms of bringing mail to cover the service. dennis: yeah, the phone system, take all the rural stuff and put it into a special company that specializes in the hard to deliver stuff. thank you for being here. good luck, a tough day for you, sir. >> thank you. cheryl: president obama is asking congress to delay the major spending cuts coming next month, but his offer, a short term package of limited spending cuts and potentially more tax hikes is not flying with republicans. joining me now, the former economic adviser, ceo of cke restaurants, andy, thank you for being here. what do you think the president ends up proposing here? do you think he's going to did out to the carried interest? is it going to go after high income earners, what do you expect? >> it's good to be here, cheryl, thank you. i think that everybody recognizes we have to reduce the deficit. the deficit is out of control. the only reason we've been able to sustain this level of deficit is be
we take no tax money. we don't want tax money. we have to be affordable in terms of bringing mail to cover the service. dennis: yeah, the phone system, take all the rural stuff and put it into a special company that specializes in the hard to deliver stuff. thank you for being here. good luck, a tough day for you, sir. >> thank you. cheryl: president obama is asking congress to delay the major spending cuts coming next month, but his offer, a short term package of limited spending cuts...
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taxes. but let's do something to move the incentive away from adding more greenhouse gases into our atmosphere. host: all right, michael next, pennsylvania, democratic caller. caller: yeah, good morning, c-span. good morning, mr. waxman. after the last caller, i'm thankful for guys like you. i am appreciative. unfortunately, the message that we're trying to get across, you're trying to get across, represent, is that global warming, how it affects the jet streams and the weather and how that in turn causes climate change. and the knuckle draggers that you were just listening to who, instead of getting their facts from the discovery channel, listen to fox news, and don't correlate the planet's temperature, the temperature, how it affects it, and the immediate cause it has on the climate. it's fluctuating, and that message is being lost, because you listen to others who look out the window and make some stupid remark about the global warming. but they can't deny the fact of nine out of 10 last
taxes. but let's do something to move the incentive away from adding more greenhouse gases into our atmosphere. host: all right, michael next, pennsylvania, democratic caller. caller: yeah, good morning, c-span. good morning, mr. waxman. after the last caller, i'm thankful for guys like you. i am appreciative. unfortunately, the message that we're trying to get across, you're trying to get across, represent, is that global warming, how it affects the jet streams and the weather and how that in...
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efforts in the past decade and in two thousand and eight paid taxes at a rate. for a. one person that it was was you was that you think of the two the kind of was me i was i think i was of the exclusive was a yes q but one could send out if you want to get a bit bigger than twenty five years at the nothing but grief. we've been working pete thank you let me take the lead in just a little bit that he said he could put up with to keep it in bed at night but not listen to that of a good thing he could keep you out of it thank you thank you thank you thank you thousand thousand two thousand two thousand two thousand six thousand thank you except. there are twelve cities in the united states in which. this is a problem. they were really. focused on the. we speak your language not advance. news programs and documentaries in spanish matters to you breaking news a little tentative angles keep the stories. you hear. the spanish find out more visit i to our. hold it. hold it. i live. goodspeed. her. i wish i. could. just sleep on it and i'm a. little mouse but i'm a little. secr
efforts in the past decade and in two thousand and eight paid taxes at a rate. for a. one person that it was was you was that you think of the two the kind of was me i was i think i was of the exclusive was a yes q but one could send out if you want to get a bit bigger than twenty five years at the nothing but grief. we've been working pete thank you let me take the lead in just a little bit that he said he could put up with to keep it in bed at night but not listen to that of a good thing he...
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that is your tax dollars, my tax dollars. so don't pull that game on me. >> reporter: most social programs are a shared cost and formulas can change over time. special ed started with 40% federal funding. it is now 19%. heineman is this. he has a pot of money. if he spends 12 million more a year on medication -- medicaid and that is he spends less on education and that is not a trade he is willing to make. jon. jon: william la jeunesse in los angeles. thank you. jenna: during the health care debate there were some promises how you could keep your current doctor and your current coverage. well, apparently a new study, a new report is finding that may not be true for millions of americans. we'll have a closer look at that. >>> it is a state-of-the-art research facility in the antarctic. it can do something no other building of its kind can do. it took four years to build and just is going into full operation now. john will speak live with the base's commander. she is live in the south pole ahead on "happening now." all right th
that is your tax dollars, my tax dollars. so don't pull that game on me. >> reporter: most social programs are a shared cost and formulas can change over time. special ed started with 40% federal funding. it is now 19%. heineman is this. he has a pot of money. if he spends 12 million more a year on medication -- medicaid and that is he spends less on education and that is not a trade he is willing to make. jon. jon: william la jeunesse in los angeles. thank you. jenna: during the health...
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that's why they raised taxes so much. they needed to get ahead of it and find ways to curb spending. the mayor has tried on the pension front but hasn't had much success. > from tax hike to dining discount, a washington based restaurant making waves over new incentives offering to diners. they're handing out a discount for kids who get their kids to behave. should parents be rewarded for keeping their kids in line. let's ask a couple of moms. so wendy, i have to start with you. you think this is a great idea. great idea. your kids cry, pay the parents so the kid is quiet. shouldn't all kids be quiet in a restaurant anyway? >> yes. kids should behave appropriately wherever they are. let's get that out first. however, they rarely do. they behave however they're going to behave most of the time. so i think there is a little bit of a bit of control. >> i should fa pay you as a restaurant obamaer to keep your -- owner to keep your kids quiet. >> we go to a lot of restaurants in new york with our kids. i would love for someone
that's why they raised taxes so much. they needed to get ahead of it and find ways to curb spending. the mayor has tried on the pension front but hasn't had much success. > from tax hike to dining discount, a washington based restaurant making waves over new incentives offering to diners. they're handing out a discount for kids who get their kids to behave. should parents be rewarded for keeping their kids in line. let's ask a couple of moms. so wendy, i have to start with you. you think...
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republicans reject this right away because they see tax reforms as a tax increase. here's what kelly ayacht said this morning. >> his first response to everything is new taxes. he got $600 billion in new revenue, where were the spending cuts? now again he wants to raise taxes. i think it's time for us to cut spending. >> and those comments followed pat toomey, who said sorry, president obama, no more tax increases. mitch mcconnell said the government will not support more tax hikes in place of the meaningful spending reductions. so what's behind the president talking about this yesterday? >> it's no surprise. of course they're going to say it's d.o.a. they always say it's d.o.a. >> but is it d.o.a.? >> i'm not sure it is. i do think there is renewed pressure on republicans to get renewed spending cuts in this round. you see indications that house republicans especially are saying that they will swallow that sequester if that's what it takes to get actual spending cuts out of this president. >> the president didn't get specific, which is one of the criticisms yesterd
republicans reject this right away because they see tax reforms as a tax increase. here's what kelly ayacht said this morning. >> his first response to everything is new taxes. he got $600 billion in new revenue, where were the spending cuts? now again he wants to raise taxes. i think it's time for us to cut spending. >> and those comments followed pat toomey, who said sorry, president obama, no more tax increases. mitch mcconnell said the government will not support more tax hikes...
WHUT (Howard University Television)
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tavis: what is going to happen to tax rates? >> from my perspective, i think the president was right originally in saying we should do away with bush tax breaks for people making $250,000 a year or more. that is an issue i would certainly revisit. right now in terms of where we go from here, i think it is important to look get reality. one out of four profitable corporations in america does not pay a nickel in taxes. we have corporate tax breaks on their profits but are the lowest may have been in many years, so i think it is appropriate to start asking corporate america to help us with deficit reduction. >> whether one agrees or disagrees, one cannot argue at the first term we have a wall street friendly guy, and he has just been nominated another wall street friendly guy. i have been hearing and reading you have some concerns about the treasury secretary, so tell me more. >> what i have been very concerned about from day one, let me be clear and i supported barack obama originally. i supported him for reelection, and the alter
tavis: what is going to happen to tax rates? >> from my perspective, i think the president was right originally in saying we should do away with bush tax breaks for people making $250,000 a year or more. that is an issue i would certainly revisit. right now in terms of where we go from here, i think it is important to look get reality. one out of four profitable corporations in america does not pay a nickel in taxes. we have corporate tax breaks on their profits but are the lowest may...
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. $1.2 trillion in tax increases for obamacare, $600 billion in tax increases to avoid the fiscal cliff and now you want to raise taxes yet again. how about the idea of trying to find some spending cuts that do not destroy the military when you've got $46 trillion to choose from over the next decade? but this is a debate we need to have. no more back room deals. put the president's proposal on the senate floor and see how many senate democrats feel comfortable raising taxes yet again. and to my republican colleagues, after this hearing, if you feel comfortable with cutting the government this way, then you've lost your way as much as the president. what happened to the party of ronald reagan who said the number one goal of the federal government and the federal government's responsibility above all others is to fund the department of defense? what happened to that party? i intend to get that party back. i intend to fought for the party of ronald reagan. and we're going to explain to republicans and democrats alike what happens if you let sequestration go into effect and we're going to c
. $1.2 trillion in tax increases for obamacare, $600 billion in tax increases to avoid the fiscal cliff and now you want to raise taxes yet again. how about the idea of trying to find some spending cuts that do not destroy the military when you've got $46 trillion to choose from over the next decade? but this is a debate we need to have. no more back room deals. put the president's proposal on the senate floor and see how many senate democrats feel comfortable raising taxes yet again. and to my...
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it is including tax changes. the president spoke to reporters for just over five minutes. >> good afternoon, everybody. i wanted to say a few words about the looming deadlines and decisions that we face on our budget and on our deficit, and these are decisions that will have real and lasting impacts on the strength and pace of our recovery. economists and business leaders from across the spectrum have said that our economy is poised for progress in 2013. and we've seen signs of this progress over the last several weeks. home prices continue to climb. car sales are at a five-year high. manufacturing has been strong. and we've created more than six million jobs in the last 35 months. but we've also seen the effects that political dysfunction can have on our economic progress. the drawn-out process for resolving the fiscal cliff hurt consumer confidence. the threat of massive automatic cuts have already started to affect business decisions. so we've been reminded that while it's critical for us to cut wasteful spend
it is including tax changes. the president spoke to reporters for just over five minutes. >> good afternoon, everybody. i wanted to say a few words about the looming deadlines and decisions that we face on our budget and on our deficit, and these are decisions that will have real and lasting impacts on the strength and pace of our recovery. economists and business leaders from across the spectrum have said that our economy is poised for progress in 2013. and we've seen signs of this...
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the report points out baltimore's property tax and income tax rates are the highest in the state. unfortunately, pension reform is the big elephant in the room, the economist said and the mayor has a terribly hard job ahead of her. >> the mayor will have to make cuts in decisions that will prove to be unpopular in the short run. >> while the mayor did not offer specific details, she did highlight four key themes for cuts including identifying strategies to a line recurring revenues, reducing property and income taxes, addressing infrastructure, and addressing the city's long-term liabilities. >> as far as specifically what cuts will be made, the mayor said she will discuss that in her state of the city address next week. if you'd like to take a closer look at the report, we provided a link to it on our website, wbaltv.com. we're live outside city hall tonight. wbal tv 11 news. >> we have several updates. the stabbing that happened a few blocks away from yesterday's ravens victory celebration. city police say dionte smith was killed. it is reported to other teams were hurt -- teens
the report points out baltimore's property tax and income tax rates are the highest in the state. unfortunately, pension reform is the big elephant in the room, the economist said and the mayor has a terribly hard job ahead of her. >> the mayor will have to make cuts in decisions that will prove to be unpopular in the short run. >> while the mayor did not offer specific details, she did highlight four key themes for cuts including identifying strategies to a line recurring revenues,...
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that is our tax dollars, your tax dollars and my tax dollars, so don't pull that game on me. secondly it's 90-10. that 10% is the part i'm concerned about as a state. >> reporter: the cost of social programs are typically a shared, federal state funding formula but the percentages do change. special education started out at 40% federal money now it's 20% so it's fears are not unphonedded. it's a controversy in the states because the hospitals are saying this is uncompensated care, we want a piece of the federal action and the states say we want to spend this money on education, maybe not healthcare for the poor. martha: it sound like the burden gets shifted to the state so they have to factor that in in deciding whether they will take the ten cents on your dollar. thank you. we'll see you soon. gregg: awaiting a news conference with republican leader john boehner expected to weigh in on the fight over a looming deficit defense budget cuts, pardon me. can washington reach a deal to stop cuts described as dangerous to our national security. martha: have you watched this case, d
that is our tax dollars, your tax dollars and my tax dollars, so don't pull that game on me. secondly it's 90-10. that 10% is the part i'm concerned about as a state. >> reporter: the cost of social programs are typically a shared, federal state funding formula but the percentages do change. special education started out at 40% federal money now it's 20% so it's fears are not unphonedded. it's a controversy in the states because the hospitals are saying this is uncompensated care, we want...
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this year tax preparers must show a bill of rights that have to be totally up front about these. in march and april about one-quarter of the complaints that they get are on these pop-up tax shops. a lot of them promise that you will get you their money sooner and they don't and we cannot promise somebody you can get them a bigger refund. consider yourself warned. there are a lot of fees, hidden charges. people don't think of that. the irs has tried to regulate the shops but they are keeping them from doing that the lesson here is to pay attention for more tips and information on these shops go to our web site and we will want you to the city's business affairs and consumer protection agency. it's really unbelievable that that is happening. there are lawsuits right now they sued him for $800,000 in losses we are still waiting to see what happens with that. illinois and the justice department and 14 other states are suing the credit agency. critics say the other credit rating agencies gave high ratings to the sub prime loans they lost value and contributed to the financial crash wo
this year tax preparers must show a bill of rights that have to be totally up front about these. in march and april about one-quarter of the complaints that they get are on these pop-up tax shops. a lot of them promise that you will get you their money sooner and they don't and we cannot promise somebody you can get them a bigger refund. consider yourself warned. there are a lot of fees, hidden charges. people don't think of that. the irs has tried to regulate the shops but they are keeping...
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is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in context of the history of this president and fiscal issues. does not pose for the budget. the senate has not passed one commend the president of the united states said this back in 2011. november 41st. already, he said, some in congress are trying to undo these automatic spending cuts, much like he did today at 115 eastern time. my message to them back in 2011, no, i will be there through any effort to get rid of automatic spending cuts to domestic and defense spending said the break president at that point. your reaction? >> that was president obama circa 2011. candid obama in a debate set sequester is just not going to happen. did not explain how. president obama c
is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in context of the history of this president and fiscal issues. does not pose for the budget. the...
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we find it alarming, you will, >>> it's tax season now, but imagine trying to file your taxes only to find out someone beat you to it. it's a nightmarish reality for millions of americans and many of them are your neighbors. a crime where you can be victimized over and over again. according to the treasury inspector general for tax administration, nearly 1.2 million cases were reported to the irs in 2012. and tonight, the two people you're about to hear from say they now live in constant fear. >> my counselor gave me a call on the telephone and said we couldn't file electronically. >> irs granted jonathan again an extension to file his 2011 tax. he needed the time to grieve. she was full of life, even as a brain tumor took a toll on his little body. >> she's an amazing little girl. never complained once. >> alexis died shy of her fifth birthday. finally file the taxes, he got another blow. >> the family stolen the social security number and used it to file a tax return. >> i said they must have made a mistake. >> nadine's social security number was used for a different kind of identit
we find it alarming, you will, >>> it's tax season now, but imagine trying to file your taxes only to find out someone beat you to it. it's a nightmarish reality for millions of americans and many of them are your neighbors. a crime where you can be victimized over and over again. according to the treasury inspector general for tax administration, nearly 1.2 million cases were reported to the irs in 2012. and tonight, the two people you're about to hear from say they now live in...